Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Paying user area
Try for free
Philip Morris International Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2008
- Current Ratio since 2008
- Debt to Equity since 2008
- Price to Operating Profit (P/OP) since 2008
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Philip Morris International Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Philip Morris International Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial ratios for the company exhibit notable fluctuations and trends over the observed periods, which provides insight into the market's valuation of the company relative to its earnings, operating profit, and sales.
- Price to Earnings (P/E) Ratio
- The P/E ratio, available from March 31, 2020, onward, shows a gradual increase overall, indicating that investors might be willing to pay more for each unit of earnings over time. Initially, the ratio fluctuated moderately around the 16 to 18 range from early 2020 through 2022. Beginning in 2023, there is a discernible upward trend, with the ratio rising past 19 by late 2023 and early 2024. The increase becomes more pronounced in the final two years reported, where the P/E ratio peaks at over 34 in mid-2025 before pulling back slightly to just above 30 by the end of the period. This rising valuation could signal market optimism regarding future earnings growth or reduced risk perception.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a somewhat similar trajectory to the P/E ratio but with some differences in magnitude and timing of its peaks. Starting from early 2020, the ratio begins near 11 and remains relatively steady with minor fluctuations around 11 to 13 through 2021 and 2022. From 2023 onwards, the ratio exhibits greater volatility and a general rising trend, peaking significantly at nearly 19 in the middle of 2025 before a slight decline near the end of the timeline. This increase suggests growing investor valuation relative to operating profits, which could reflect expectations of improving operational efficiency or profitability in the future.
- Price to Sales (P/S) Ratio
- The P/S ratio also trends upward over the observed timeframe, albeit with different dynamics. Beginning near 4.65 in early 2020, the ratio sees steady increases intermixed with occasional dips, reflecting some valuation variance relative to the company’s sales. Key increases are evident toward the end of 2023 and through 2024, where the ratio crosses 5 and continues rising to a peak near 6.9 by mid-2025. A mild pullback occurs toward the last quarter, yet the level remains relatively high, indicating higher market pricing per sales dollar versus earlier periods.
- Price to Book Value (P/BV) Ratio
- No data is provided for the price to book value ratio across the entire timeline, precluding any analysis of this valuation metric.
Overall, the upward trends in P/E, P/OP, and P/S ratios suggest a market environment where investors are progressively valuing the company more highly relative to earnings, operating profits, and sales. The rising multiples, especially evident in the most recent years, may reflect increased confidence in the company’s future growth prospects, profitability, or strategic positioning. However, the sharp increases and subsequent slight declines near the end of the periods may also indicate heightened volatility or changing market expectations.
Price to Earnings (P/E)
Philip Morris International Inc., historical P/E calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net earnings attributable to PMI (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net earnings attributable to PMIQ2 2025
+ Net earnings attributable to PMIQ1 2025
+ Net earnings attributable to PMIQ4 2024
+ Net earnings attributable to PMIQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibited a fluctuating yet generally upward trend. Starting at $77.25 in March 2020, it rose steadily to peak around $107.96 by December 2021. Following this peak, the price experienced some volatility, including a decline to $89.01 by December 2023. However, from early 2024 onwards, there was a marked acceleration in growth, with the share price reaching a high of $170.07 in March 2025 before a slight pullback to $160.92 in June 2025.
- Earnings Per Share (EPS)
- EPS data became available starting from March 2021. Initial readings showed a steady increase from 5.17 to a high of 5.88 by March 2022. This was followed by a period of modest decline and stabilization, fluctuating between approximately 5.03 and 5.66 through 2023 and early 2024. Notably, the EPS dropped to 4.54 in March 2025 before recovering to 5.29 by June 2025, indicating some short-term volatility or possible non-recurring impacts on earnings.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed an increasing trend overall. Starting from 16.55 in March 2021, it climbed steadily, surpassing 20 by late 2024. The ratio peaked sharply at 34.84 in March 2025, reflecting a significant expansion in the valuation multiples relative to earnings. This spike in P/E coincided with the trough in EPS observed in the same quarter, suggesting that the elevated P/E was driven more by a drop in earnings rather than share price appreciation. By June 2025, the P/E eased back to 30.43, still indicating a relatively high valuation compared to historical levels.
In summary, the data indicates a generally positive share price trajectory with periods of volatility. EPS showed steady growth initially but displayed signs of instability in the most recent quarters. The rising P/E ratio, particularly the sharp increase in early 2025, reflects investor willingness to pay a premium, possibly anticipating future growth despite transient earnings weakness. This combination of trends suggests market optimism balanced against some short-term earnings risks.
Price to Operating Profit (P/OP)
Philip Morris International Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable fluctuations over the analyzed quarters. It started at $77.25 in the first quarter of 2020, reaching a low of $71.33 in the third quarter of 2020, followed by a rise to a peak of $107.96 at the end of 2021. After a moderate decline during 2022, the share price recovered strongly in 2024, reaching its highest value of $170.07 in the first quarter of 2025 before a slight correction to $160.92 by the second quarter of 2025.
- Operating Profit per Share (OPPS) Dynamics
- Operating profit per share data is available beginning the first quarter of 2021. Initially, OPPS increased gradually from $7.49 to a peak of approximately $8.38 by the third quarter of 2024, showing consistent underlying operational strength. Although there were minor fluctuations, the overall trend in OPPS is upward, increasing further to $9.10 by the second quarter of 2025.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio generally increased over the period, indicating that the market valuation of earnings per share grew at a faster pace than the operating profits. Starting at 11.43 in early 2021, the ratio rose steadily with some volatility, reaching as high as 19.04 in the first quarter of 2025 before a slight decline to 17.68 in the second quarter of 2025. This rising P/OP suggests increasing investor confidence or expectations, potentially reflecting premium valuation or anticipated growth beyond the current profit levels.
- Summary Insights
- The data implies progressive growth in operating profit per share accompanied by a more volatile but generally increasing share price. The expanding P/OP ratio highlights an environment where market valuation outpaces operational earnings growth, which could be interpreted as the market pricing in future growth or other favorable factors. The rise in share price towards the end of the period, despite some short-term drops, aligns with the steady profitability improvement, reinforcing a positive market outlook overall.
Price to Sales (P/S)
Philip Morris International Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the company's share price, sales per share, and price-to-sales (P/S) ratio over the periods observed.
- Share Price
- The share price demonstrates notable volatility across the examined timeline. Initially, the share price fluctuated moderately during 2020, starting at $77.25 in March and reaching a peak of $107.96 by December 2021. Following this period, the share price experienced a decline and stabilization phase around the $89 to $98 range throughout late 2022 and early 2023. However, from mid-2023 onwards, the share price exhibited a robust upward trend, escalating sharply from $95.02 in March 2024 to a peak of $170.07 in March 2025 before experiencing a slight dip to $160.92 in June 2025. This pattern suggests renewed investor confidence or positive market sentiment in the more recent quarters.
- Sales Per Share
- Sales per share data begins from the first quarter of 2021 and shows a consistent, gradual increase over the available periods. From $18.42 reported in March 2021, sales per share rose steadily to $25.09 by March 2025. This positive trajectory indicates steady revenue growth on a per-share basis, reflecting either increased sales volumes or improved pricing strategies.
- Price-to-Sales Ratio (P/S Ratio)
- The P/S ratio fluctuated in tandem with changes in share price and sales per share. Beginning at 4.65 in March 2021, it peaked at 5.33 in March 2022, then declined to a trough of 3.93 in March 2024, suggesting a period where share prices were relatively lower compared to sales per share. From this low point, the P/S ratio increased sharply, reaching 6.9 in March 2025 before settling at 6.41 by June 2025. This increasing P/S ratio in the later period aligns with the strong rise in share price relative to sales, indicating that market valuation expanded more rapidly than the fundamental sales growth.
In summary, the data suggests steady growth in sales per share over time, accompanied by significant share price volatility. The recent pronounced increase in both share price and P/S ratio indicates heightened market valuation, possibly driven by optimism about future performance or external market factors. The periods of P/S contraction and expansion highlight shifts in investor perception regarding the company's value relative to its sales.
Price to Book Value (P/BV)
Philip Morris International Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total PMI stockholders’ deficit (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Total PMI stockholders’ deficit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits a general upward trend over the analyzed period, with fluctuations observed at various intervals. Beginning at $77.25 at the end of March 2020, the price rises to a peak of $107.96 by December 2021, despite some intermittent declines notably in September 2020 and late 2022 to early 2023. After a dip to approximately $89.01 by December 2023, a substantial upward movement resumes, reaching $170.07 by March 2025, followed by a minor correction to $160.92 mid-2025. This pattern suggests overall positive momentum with periods of volatility possibly influenced by market or company-specific events.
The book value per share (BVPS) data reveals negative values throughout the periods, indicating the company’s liabilities exceed its assets on a per-share basis. The BVPS begins at -$8.31 in March 2020 and generally shows improvement towards less negative values until mid-2023, reaching around -$5.75. However, from late 2023 onward, the BVPS deteriorates again, fluctuating between -$6.25 and -$7.69 by June 2025. This trend may reflect changes in company balance sheet composition or accounting adjustments affecting equity valuation.
The absence of price-to-book value (P/BV) ratios limits direct assessment of valuation relative to book value. Nevertheless, given the negative BVPS, traditional P/BV ratio calculations would not be meaningful or positive.
Overall, the share price has demonstrated resilience and growth over the period despite the persistently negative book value per share. The data suggests strong market confidence or positive earnings and cash flow expectations overshadowing balance sheet concerns. The fluctuations in share price and BVPS indicate episodes of financial adjustments and market revaluation, highlighting areas for further qualitative investigation into operational performance and strategic developments.
- Share Price Trend
- From $77.25 in early 2020 to $170.07 in early 2025, with notable volatility.
- Book Value per Share Trend
- Consistently negative, initially around -$8.31, improving until mid-2023, then declining again towards -$7.69 by mid-2025.
- Market Valuation Insight
- Strong share price growth amid negative book value indicates market optimism despite balance sheet weaknesses.